天使投资人项目选择的影响因素研究

发布时间：2018-06-01 19:16

本文选题：天使投资 + 项目筛选　；参考：《西安理工大学》2017年硕士论文

【摘要】：中小企业创立和发展需要资金支持,资金缺乏就成为了企业建立和发展的瓶颈。由此,风险投资机构逐渐兴起,为创业企业提供了新的融资渠道。近些年,有学者发现中小企业在创业初期通过寻找风险投资寻求帮助能得到作用是很有限的,这是因为风险投资将更多地资金投在企业发展后期,而对企业初期发展来说,天使投资是相对理想的投资方式。但正是由于天使投资的投资期限早,所面临的风险高,因此天使投资人不仅需要预测未来收益,也必须对存在风险进行估计和判断。事实上,为了规避高风险,必须从项目筛选阶段开始。基于此,本文研究了天使投资人项目选择的关键因素,力求建立客观的影响因素体系。本文首先借鉴国外文献对天使投资人项目筛选的研究成果,结合中国活跃天使投资人投资案例,选取天使投资人项目选择的影响因素。进而通过问卷调查的方法了解投资人选择项目时对各因素的重视程度。通过探索性因子分析和验证性因子分析的方法将所有因素进行降维处理,提取出7个公因子,再根据提取的公因子与投资效果评价之间做回归分析,确定相关因素对天使投资项目选择影响程度。各影响因素的影响力从高到低依次为:创业者综合能力、创业者素质、项目特征、公司架构、产品特征、市场特征以及产品发展阶段。此外,根据问卷中对被调查者行业偏好的调查结果,运用单因素方差分析法确定不同行业偏好的天使投资人在项目选择因素上是否存在显著差异,研究发现不同行业偏好的投资者对影响因素的重视程度有所差异。最后,根据因子分析和回归分析的结果,针对天使投资人提出了注重创业者能力和品质、选择完善的企业管理与背景构成、判断项目发展潜力、了解产品发展阶段、根据自身偏好和能力评价项目特征的投资策略建议。本文研究一方面实证分析了影响天使投资人项目选择的因素和天使对各影响因素的重视程度,并据此确定天使投资人投资策略;另一方面天使投资人可以对比自己的投资决策,调整改进自己的投资过程,降低投资决策的盲目性和投资风险,提高天使投资市场效率,推动中国天使投资市场的进一步发展。
[Abstract]:The establishment and development of small and medium-sized enterprises need financial support, and the lack of funds becomes the bottleneck of the establishment and development of enterprises. From this, venture capital organization rises gradually, provided new financing channel for venture enterprise. In recent years, some scholars have found that it is very limited for small and medium-sized enterprises to seek help from venture capital in the initial stage of business, which is because venture capital will invest more funds in the later stage of enterprise development, but for the initial development of enterprises, Angel investment is a relatively ideal way to invest. But it is because of the early investment term and the high risk that angel investors not only need to predict the future income but also must estimate and judge the risk. In fact, in order to avoid high risks, you must start at the project screening stage. Based on this, this paper studies the key factors of angel investor project selection, and tries to establish an objective impact factor system. This paper first draws lessons from the research results of angel investor project selection in foreign literature, and selects the influencing factors of angel investor project selection in combination with the case of active angel investor investment in China. And then through the method of questionnaire to understand the investor selection of the project to the importance of each factor. By means of exploratory factor analysis and confirmatory factor analysis, all factors are reduced and seven common factors are extracted, and then regression analysis is made according to the common factors extracted and the evaluation of investment effect. Determine the impact of related factors on angel investment project selection. The influencing factors from high to low are: entrepreneur's comprehensive ability, entrepreneur's quality, project characteristic, company structure, product characteristic, market characteristic and product development stage. In addition, according to the survey results of the respondents' industry preference in the questionnaire, the single-factor variance analysis was used to determine whether there were significant differences in the project selection factors among angel investors in different industry preferences. It is found that investors in different industries pay different attention to influencing factors. Finally, according to the results of factor analysis and regression analysis, the angel investors put forward to pay attention to the ability and quality of entrepreneurs, select perfect enterprise management and background composition, judge the development potential of the project, understand the stage of product development. To evaluate the investment strategy according to their own preferences and ability to evaluate the characteristics of the project. On the one hand, this paper empirically analyzes the factors that affect the choice of angel investors' projects and the degree of attention that angels attach to each factor, and then determines the investment strategy of angel investors; on the other hand, angel investors can compare their investment decisions. We should adjust and improve our own investment process, reduce the blindness and investment risk of investment decision, improve the efficiency of angel investment market, and promote the further development of Chinese angel investment market.
【学位授予单位】：西安理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.48

【参考文献】